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BUSINESS & ECONOMICS | 17
Financial Mathematics for Actuaries
Wai-Sum Chan and Yiu-Kuen Tse
ISBN 9780071288934 • MHID 0071288937 • 2011 • Softcover • 336pp
This is an introductory textbook on the mathematics of interest rates for
actuarial science students. It is written at a level of rigor that is required
for students majoring in actuarial science and prepares them for further
analysis of financial instruments. It emphasizes an intuitive treatment
of the mathematics of finance and insurance, with special attention to
applications.
Each chapter contains many examples illustrating the applications of
mathematical analysis to financial products and personal financial
management.
The authors use the financial functions in Excel as the computational tool
in this book, which are illustrated through numerous examples.
Contents
About the Authors
Preface
List of Mathematical Symbols
1 Interest Accumulation and Time Value of Money
2 Annuities
3 Spot Rates, Forward Rates and the Term Structure
4 Rates of Return
5 Loans and Costs of Borrowing
6 Bonds and Bond Pricing
7 Bond Yields and the Term Structure
8 Bond Management
9 Stochastic Interest Rates
Appendix A Review of Mathematics and Statistics
Appendix B Answers to Selected Exercises
Index
NEW
The Authors
Wai-Sum Chan, PhD, FSA, CERA, graduated from the Chinese University of Hong Kong with a major in Accounting and
a minor in Statistics. He pursued a doctorate in Applied Statistics at the Fox School of Business Management, Temple
University (Philadelphia, USA), receiving his PhD in 1989. He qualified as a Fellow of the Society of Actuaries in 1995
and Chartered Enterprise Risk Analyst in 2008. Dr. Chan held teaching and research posts at the National University of
Singapore, the University of Waterloo and the University of Hong Kong before his present appointment as Professor of
Finance at the Chinese University of Hong Kong. Dr. Chan’s research interests include Health Care Financing, Actuarial
Modeling and Financial Econometrics. He has had over 80 scientific articles published in scholarly journals. Dr. Chan has
been teaching financial and actuarial courses since 1992.
Yiu-Kuen Tse, PhD, FSA, graduated from the University of Hong Kong, majoring in Economics and Statistics. He obtained
his MSc in Statistics and PhD in Econometrics from the London School of Economics. He has been a Fellow of the
Society of Actuaries since 1993. Dr. Tse’s research interests are in Empirical Finance and Financial Econometrics. He is
Professor of Economics at the School of Economics, Singapore Management University. He has published extensively in
scholarly journals and is the author of the book Nonlife Actuarial Models: Theory, Methods and Evaluation. Dr. Tse teaches
undergraduate Actuarial Science and is also involved in many executive training programs.